After a price increase in the last quarter, Spotify forecasts it will have roughly 600 million monthly active users by the start of 2024 and announced strong margin growth, which saw shares jump 11%.

The streaming music company who has struggled to deliver profits in the past has a stock that is currently trading up 108% year to date.

It also now has six million new paying subscribers exceeding its target of four million.

The jump in paid subscribers came despite a 10% increase in the cost of a subscription, the last increase was 2011.

The business has almost doubled its stock since the start of 2023, placing it ahead of others like Netflix and Roku.

Spotify’s profitability has struggled due to high royalties and miscellaneous costs.

Spotify claims that they are confident for the rest of the year.